Issue: May a
Judicial Official preside over a case involving a
financial institution if the Judicial Official owns
between $6,500 and $7,000 worth of stock or bonds in
the financial institution?

Response:
Additional facts include that the investment
represents a miniscule percentage of the stock or
bonds that are issued by the financial institution,
the financial institution is regularly involved in
collection and other litigation, and the investment
has generated annual income from less than $100 to
over $1,000. The Committee considered the foregoing
information, the requirement in Conn. Gen. Stat. §
51-46a to specifically identify any securities
valued in excess of $5,000 and the standards adopted
in other jurisdictions as to what constitutes de
minimis. In order to provide guidance for Judicial
Officials as to when an investment is de minimis
and, therefore, does not require a Judicial Official
to recuse himself or herself, the Committee adopted
the following standard: An investment that is (a)
five thousand dollars ($5,000) or less and also (b)
one percent (1%) or less in an entity, shall be
deemed de minimis, whereas an interest in excess of
that amount or that percentage shall be deemed an
economic interest unless exempted by the definition
of “economic interest” in the Terminology section of
the Code of Judicial Conduct. The Committee noted
that even when a Judicial Official has a de minimis
interest, the Judicial Official must consider
whether factors, such as an investment that holds
special significance to the Judicial Official,
requires disqualification. Furthermore, while an
economic interest in the subject matter in
controversy or in a party to a proceeding requires
disqualification pursuant to Rule 2.11(a)(3), the
Committee noted that pursuant to Rule 2.11(a)(2), an
economic interest that is not in a party or the
subject matter in controversy does not require
automatic disqualification unless that interest
could be substantially affected by the proceeding.
Finally, the Committee concluded that a Judicial
Official disqualified in accordance with the above
provisions may seek remittal of disqualification in
accordance with Rule 2.11(c).